N.L. Liberals officially 'debt-free'

The Newfoundland and Labrador Liberal Party announced Wednesday it had "officially retired" the party's debt.

Leader Dwight Ball said in a statement addressing the party's long-standing debt was a priority when he won the leadership.

"Today I am pleased to announce that we are debt-free," he said in a statement. "This great achievement aligns with our new and rejuvenated Liberal party."

When Ball was elected leader of the party in 2013, the Liberal debt was $885,000, including interest.

The party negotiated with three banks to waive the interest and penalties accumulated since the 2003 election campaign.

The party paid off 100 per cent of the original loan, which was close to $500,000.

In March, the party hosted a $500-a-plate fundraiser dinner in an effort to put a dent in the party's debt.

The Liberals had been digging themselves out of debt for the last several years.

Correction : A previous version of this story said the Liberal debt was over $1 million in 2013. In fact, the party's debt was $885,000.(May 27, 2015 11:06 AM)